Hunter United Employee’s Credit Union members vote to approve merger with IMB Bank

IMB Bank confirms that on 5 March 2020, the members of Hunter United Employees’ Credit Union Ltd (“Hunter United”) overwhelmingly approved the total transfer of business of Hunter United to IMB Bank, with 95% of eligible votes cast in favour of the resolution. The IMB Bank Board has also adopted the merger proposal and the matter is now with APRA for final approval. It is expected the merger will take effect on 1 April 2020.

IMB Bank Chair Noel Cornish welcomed the result, saying, “IMB Bank is delighted that Hunter United members have so clearly demonstrated their support for the merger between our two customer-owned organisations. Together we present a strong alternative to the major banks in the Hunter region.”

Upon completion of the merger, Hunter United Chair, Jann Gardner, joins the IMB Bank Board as an additional director, and the IMB Bank board is looking forward to the contribution she will make to the development of strategy and stakeholder engagement initiatives to drive IMB Bank’s long term success in the Hunter region.

Ms Gardner says merging with a strong, like-minded organisation in IMB Bank, allows Hunter United to better meet the challenges of increased competition in the banking sector as well as the increasing costs of operating and responding to regulatory change.

 “The merger will offer Hunter United members an expanded range of products and services while protecting our customer-owned way of banking,” Ms Gardner says.  

 “Together with IMB Bank, we can deliver the new banking services and channels we know Hunter United members want, more quickly and effectively,” she says.

 “Longer contact centre opening hours, more branches and ATMs, business banking, enhanced digital payments, and the removal of many account fees and transactional fees are just some of the benefits Hunter United members will receive.”

 Mr Cornish says the two organisations are a great fit with a similar history, values and strong relationships with local communities.  

“Together, we aspire to be the leading customer owned financial institution in NSW,” Mr Cornish says. 

“We look forward to expanding our community programs and investment, including through the IMB Bank Community Foundation, in the Hunter region,” he says.

Hunter United will operate locally as a division of IMB under its own brand from the merger date of 1 April 2020. There will be no job losses as a result of this merger and staff entitlements will be preserved.  

In order to facilitate a smooth transition, there will be no change to either IMB Bank’s or Hunter United‘s members’ current banking arrangements until the two separate banking systems are integrated in approximately nine (9) months. Further communications with all members will occur over the course of the merger integration process.

Mr Cornish said “We are entering another exciting era for both organisations, and I thank all IMB Bank and Hunter United staff and members for their ongoing support and contribution to our future success.”

Hunter United has approximately 10,000 members, assets worth $335 million and five local branches. An overview of the merged organisation is shown below:

Dated: 6 March 2020

Lauren Wise

Company Secretary